The carrier spin dynamics in ZnO is investigated by time-resolved optical orientation experiments. We evidence a clear circular polarization of the donor-bound exciton luminescence in both ZnO epilayer and non-intentionally doped bulk ZnO. This allows us to measure the localized hole spin relaxation time. We find $tau^{s}_h$$sim$350 ps at T=1.7 K in the ZnO epilayer. The strong energy and temperature dependences of the photoluminescence polarization dynamics are well explained by the fast free exciton spin relaxation time and the ionization of bound excitons.
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